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Cannabis finance REIT Freehold Properties files for a $115 million IPO

October 22, 2021

Freehold Properties, a mortgage REIT focused on cannabis properties, filed on Friday with the SEC to raise up to $115 million in an initial public offering.

Freehold is an internally managed real estate investment trust focused on financing specialized industrial cultivation/processing and retail/dispensary cannabis properties. The company's portfolio is currently comprised of six mortgage loans and one note receivable with an aggregate principal amount of $38.7 million.

The Franklin, TN-based company was founded in 2019 and booked $4 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol FHP. Freehold Properties filed confidentially on October 27, 2020. Stifel and Cowen are the joint bookrunners on the deal. No pricing terms were disclosed.